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Buyers face crazy competitive spring

Posted by Scott Van Voorhis March 26, 2014 09:55 AM

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Buyers will face more bidding wars than ever before this spring, a new report finds.

More than 61 percent of Redfin brokers surveyed contend this spring will see even more intense competition for homes than last year, according to the real estate website/brokerage firm.

And the battles for listings between buyers are expected to be especially heated in the Boston area, where the inventory of unsold homes is down 22 percent compared to last March.

Sellers, in turn, are using their increased leverage to work out rent-back agreements ensuring they have a place to live until they can find a new home to move into, according to Redfin.

And bidding wars are spreading out from such perennial hotspots as Cambridge and downtown Boston to other less hip neighborhoods and suburbs.

"Bidding wars are heating up in Boston," said Redfin agent Adam Welling, in a statement. "The difference this year is that competition has spread. With inventory so low, homebuyers are expanding their search, and neighborhoods that didn't have multiple offers last year are now seeing heavy competition."

With listings scarce, are bidding wars spreading? Are you seeing competition for homes in some unusual places? What's your take?

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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